Cadence Design Systems (NASDAQ:CDNS) VP Paul Scannell Sells 5,490 Shares

by · The Markets Daily

Cadence Design Systems, Inc. (NASDAQ:CDNS – Get Free Report) VP Paul Scannell sold 5,490 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $339.43, for a total transaction of $1,863,470.70. Following the transaction, the vice president owned 20,321 shares of the company’s stock, valued at approximately $6,897,557.03. The trade was a 21.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Cadence Design Systems Stock Down 3.6%

Shares of NASDAQ:CDNS opened at $323.22 on Friday. Cadence Design Systems, Inc. has a fifty-two week low of $221.56 and a fifty-two week high of $376.45. The company has a quick ratio of 2.84, a current ratio of 3.05 and a debt-to-equity ratio of 0.48. The firm’s 50-day simple moving average is $326.91 and its 200-day simple moving average is $330.28. The company has a market cap of $87.98 billion, a price-to-earnings ratio of 83.30, a PEG ratio of 4.31 and a beta of 1.05.

Cadence Design Systems (NASDAQ:CDNS – Get Free Report) last announced its quarterly earnings data on Monday, October 27th. The software maker reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14. Cadence Design Systems had a net margin of 20.35% and a return on equity of 30.13%. The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm earned $1.64 earnings per share. The firm’s revenue was up 10.1% compared to the same quarter last year. Cadence Design Systems has set its FY 2025 guidance at 7.020-7.080 EPS and its Q4 2025 guidance at 1.880-1.940 EPS. As a group, equities research analysts predict that Cadence Design Systems, Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CDNS. Wells Fargo & Company lifted their price target on Cadence Design Systems from $405.00 to $410.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Oppenheimer upgraded shares of Cadence Design Systems from an “underperform” rating to a “market perform” rating and set a $275.00 target price on the stock in a research report on Monday, December 1st. JPMorgan Chase & Co. upped their price target on shares of Cadence Design Systems from $390.00 to $405.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Citigroup started coverage on shares of Cadence Design Systems in a research note on Monday, November 24th. They issued a “buy” rating and a $385.00 price objective for the company. Finally, BNP Paribas initiated coverage on shares of Cadence Design Systems in a research report on Thursday, October 2nd. They set an “outperform” rating and a $400.00 target price on the stock. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $379.11.

Get Our Latest Stock Analysis on CDNS

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CDNS. Tiemann Investment Advisors LLC grew its holdings in Cadence Design Systems by 2.9% during the 2nd quarter. Tiemann Investment Advisors LLC now owns 1,050 shares of the software maker’s stock valued at $324,000 after buying an additional 30 shares during the last quarter. Occidental Asset Management LLC lifted its position in shares of Cadence Design Systems by 2.3% in the third quarter. Occidental Asset Management LLC now owns 1,321 shares of the software maker’s stock valued at $464,000 after acquiring an additional 30 shares in the last quarter. Whittier Trust Co. increased its position in Cadence Design Systems by 0.4% during the 3rd quarter. Whittier Trust Co. now owns 7,072 shares of the software maker’s stock worth $2,456,000 after purchasing an additional 30 shares in the last quarter. Petros Family Wealth LLC increased its position in Cadence Design Systems by 2.6% during the 2nd quarter. Petros Family Wealth LLC now owns 1,277 shares of the software maker’s stock worth $394,000 after purchasing an additional 32 shares in the last quarter. Finally, Hemington Wealth Management raised its stake in Cadence Design Systems by 14.0% in the 2nd quarter. Hemington Wealth Management now owns 261 shares of the software maker’s stock valued at $80,000 after purchasing an additional 32 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.

Cadence Design Systems Company Profile

(Get Free Report)

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.

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